Expert: Paul Henneman - 1/18/2006

Question
There doesn't seem to be an expert listed who specializes in this field, so I will try you, Mr. Henneman, and hope you know something about it.

We have moved from the US to Canada and are about to buy a home.  We need to transfer our funds from the the US to Canada soon (and will be continuing to transfer funds, since my husband's income will come from the US).  At any given moment the currency rate actually paid out by a Canadian bank is actually about 4 cents less than the published official currency rate.  Is there some way an ordinary consumer who doesn't play with the big guys in currency specualtion can get a better exchange rate than the banks offer?  As the US dollar continues to shrink relative to the Canadian dollar, this matter could make an enormous difference in our income, and especially right now with this large expenditure for a home.
Thanks.

Answer
Jean,
   Thank you for your question!
   The simple answer I have for you is no, there is no way that you will be able to achieve a better exchange rate than what is offered by the banks. However, I am not a currency expert, so please do not take this as the absolute truth. I would recommend that you look into it further.
   The way I would go about it is through a meeting with the Candian bank you plan to use. They should want your business, sit down with an account representative and explain this issue to them. There is a small chance that the bank will go an extra step for you with a more favorable rate. If not, perhaps they can offer advice where to get the better exchange rate, after which you can then deposit the amount in their bank.
   I hope this helps at least a little! If I can be of any further service, please do not hesitate to follow up with me.

Sincerely,
Paul Henneman
President
ValuEngine, Inc.
www.ValuEngine.com
www.VEInstitutional.com
www.VEReports.com